NIKE, Inc. $NKE Position Trimmed by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC lessened its holdings in shares of NIKE, Inc. (NYSE:NKE) by 16.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 8,380 shares of the footwear maker’s stock after selling 1,694 shares during the period. Sagespring Wealth Partners LLC’s holdings in NIKE were worth $595,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Equitable Trust Co. grew its stake in NIKE by 14.5% during the 2nd quarter. Equitable Trust Co. now owns 6,434 shares of the footwear maker’s stock valued at $457,000 after acquiring an additional 813 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in NIKE by 2.4% during the 2nd quarter. Wilmington Savings Fund Society FSB now owns 133,118 shares of the footwear maker’s stock valued at $9,457,000 after acquiring an additional 3,112 shares in the last quarter. Morningstar Investment Management LLC purchased a new position in NIKE during the 2nd quarter valued at about $683,000. RFG Advisory LLC grew its stake in NIKE by 5.6% during the 2nd quarter. RFG Advisory LLC now owns 10,292 shares of the footwear maker’s stock valued at $731,000 after acquiring an additional 546 shares in the last quarter. Finally, Broad Peak Investment Advisers Pte Ltd purchased a new position in NIKE during the 2nd quarter valued at about $8,525,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insider Activity at NIKE

In other news, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the transaction, the executive vice president directly owned 29,396 shares in the company, valued at $2,095,052.92. The trade was a 12.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 86,078 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the transaction, the chairman owned 744,988 shares of the company’s stock, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on NKE. Truist Financial reissued a “buy” rating and issued a $85.00 price target on shares of NIKE in a research note on Wednesday, October 1st. JPMorgan Chase & Co. boosted their price target on NIKE from $93.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Barclays set a $70.00 price target on NIKE and gave the company a “positive” rating in a research note on Wednesday, October 1st. Piper Sandler set a $84.00 price target on NIKE and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Finally, Cowen raised NIKE from a “hold” rating to a “buy” rating in a research note on Wednesday, September 10th. Three research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $82.21.

NIKE Stock Down 2.4%

NKE opened at $66.82 on Friday. The business has a 50 day moving average price of $73.23 and a 200 day moving average price of $67.36. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $84.76. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. The firm has a market cap of $98.77 billion, a P/E ratio of 34.27, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. During the same period in the previous year, the company earned $0.70 EPS. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. Research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.4%. The ex-dividend date was Tuesday, September 2nd. NIKE’s payout ratio is 82.05%.

NIKE Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.